Replying to Avatar L0la L33tz

Another day, another exchange I am suspended from.

All of my funds are conjoined or swapped between LN/XMR for privacy before sending to exchanges, triggering all sorts of nonsense AML flags.

The exchange I am with now is requesting proof of funds, meaning it wants to see fiat coming into my bank account from an entity I have a business relationship with, asking me to "kindly assist them" in surveilling me.

Except that all of my business relationships are handled in bitcoin – meaning that it is impossible for me to show proof of fiat funds.

Alternatively, the exchange says, I could send them “the address” to which I received payment in the last year, matching the amount of money I have exchanged on their platform.

Obviously no such address exists as I create a new address for each transaction (and so should you). Additionally, much of my money comes in through donations, for which I simply do not have an invoice.

I could now send them every single zap I ever received on nostr in the past year – for context, that would be over 250 zaps in the past week alone, s/o to all the zappers – or I could move my business to Switzerland, where I can exchange up to 1000 CHF per day KYC-free (for now), which is what I’m going to do.

However, since I’ll be more heavily relying on peer-to-peer exchanges from now on, I’ll likely have my bank account flagged for receiving weekly payments from randos on the internet, making it fairly foreseeable that I’ll be losing my bank account in the coming months as well.

Fundamental rights violations aside, the amount of complete nonsense work – and with that costs – this system creates both for the Government and private institutions is absolutely astonishing. If there ever was a true bullshit job, compliance officer would no doubt be it.

It’s time we end the global discrimination complex inherent to the financial system in which we are all guilty until proven innocent, only to upkeep an inefficient system that is useless in preventing crime but formidable for imposing mass surveillance on the people.

So no, I will not "kindly assist you" in surveilling me, and if I die on this hill.

Until then, shill me your favorite tools to pay my bills in bitcoin 👇

Fiat loans against BTC collateral (eg nostr:npub19yfzme2usrukjgwxs3eekfnj5xhnarygpqjr2m48agsvvgz32ggqhymc68)

Reply to this note

Please Login to reply.

Discussion

hmmmm this could actually be a very smart idea and save me from capital gains tax

I haven't used Debifi myself yet (but following it with interest). I take loans from another provider in USDt and then convert that USDt to fiat by a little bit of a roundabout way (but one that nets me a an additional 4%).

Loans against BTC collateral is a very promising area for development (and with more competition will come better options and lower rates). That's because BTC is the best form of collateral.

What are you using?

For USDt loans? Currently using Bitfinex with a relatively small amount of BTC that was already KYCd. Will go with HodlHodl soon for better privacy. Bitfinex does have a fairly frictionless UX though, which is convenient. Probably I will pay off the loan on Bitfinex with USDt from an HH loan and then reuse the freed BTC collateral on Bitfinex. Could keep recycling it in that way.

I assume you are in Europe then? At least not in US?

Not in the USA, no.

Bitfinex loans unavailable to US Americans ?

Yes. Same with hodlhodl & many others. Zero P2P available here stateside

I disagree. Remember that banks print the money they give out in traditional loans. AKA they get that money for free. Bitcoin lenders are shut out of that game and must acquire money the hard way to make a loan.

That explains the clown world scenario where I get better rates unsecured than with bitcoin collateral.

I think the balance never tips. Bitcoin loans will always reflect the risk inherent in a loan. Fiat loans will simply go away as they make no sense loaning something worthless.

That means no bitcoin loan will ever reach the 0% we get today after accounting for inflation in the fiat world. It simply makes no sense to tie a loan to a scarce asset and lose money guaranteed.

Don't play with taxes. That gives govt legit reason to prosecute you...

If you need any further information about Firefish.io, you may contact me at marco_at_firefish_dot_io

Happy to help. Thanks!

Debifi is for companies, not individuals.

Firefish.io can be used for individuals.

nostr:npub19yfzme2usrukjgwxs3eekfnj5xhnarygpqjr2m48agsvvgz32ggqhymc68 is for individuals too

Ok, seems you can borrow as individual too.

Lender had to be institutional though.